Mapletree Logistics Trust's Q2 distribution per unit rises 6.4% to 1.82 cents

Mapletree Logistics Trust has reported a 6.4 per cent rise to 1.82 cents in quarterly distribution per unit on the back of a 7 per cent increase to $44.5 million in amount distributable to unitholders.

The improvements were driven by an enlarged portfolio, higher contribution from existing assets due to positive rental reversions, as well as lower financing costs.

Also contributing to this performance was the partial distribution of the net gain from the divestment of 30 Woodlands Loop amounting to $600,000 in amount distributable, or about 0.025 cents per unit.

Net property income for the second quarter ended Sept 30 fell by 1.3 per cent to $66.6 million.

Gross revenue slipped by 0.6 per cent to $77.1 million.

The decline was mainly due to the effect of a weaker Japanese Yen.

Excluding the foreign exchange impact, gross revenue would have increased by $3.2 million or 4 per cent, while net property income would have risen by $2.3 million or 3 per cent.

As the income streams from Japan are substantially hedged, the impact of the weaker yen on distributable income was mitigated.

The second quarter distribution will be paid on Nov 29.